There are numerous misconceptions, false information, and myths involving banks and the services that they might offer. Learning the truth about some of the biggest banking myths can help you understand your bank better and manage your financial situation in the best way possible. Check out these banking myths that we have debunked for you.
Myth: Switching banks is too much work
People have a preconceived notion that switching banks is a hassle, time consuming, and way too much work. But most of these people have never switched banks so they don’t understand that the process is actually very simple and could take only a couple of days.
Switching banks is practically effortless if you look for a bank that provides automatic account switching services that will help you switch all of your accounts to your new bank. Very few banks offer these services but once you find one, they will take care of the “hassle” of switching banks while building a strong relationship with you.
Myth: There is no reason to visit a banking center if you use mobile/online banking
Mobile and online banking systems solve a lot of inconvenience problems but sometimes it is better to go into your local banking center to get one-on-one help. Some problems can’t be solved on mobile banking and require assistance from an associate of a bank.
If you can’t solve an issue by yourself, your best option is to meet with an associate at your local bank. An associate will be able to cater to your needs, help with any of your problems, and find a solution specifically for you.
Myth: Banks aren’t interested in creating a relationship with clients
Banks want to build a meaningful relationship with their clients so that there is a strong trust between both parties involved. Banks are actively involved in their client’s lives to help benefit them in the best way possible.
You rely on your bank to meet your financial wants and needs while your bank strives to fulfill those financial wants and needs. If there is no trust, then there can’t be a true relationship.
Myth: Financial records do not need to be kept
Your personal financial records are your secret weapons when an unexpected banking error arises. Financial records let you know where you and your money stand on a daily, weekly, monthly and even annual basis.
If you decide to throw out or delete some of your financial records you are at risk of not catching unauthorized and/or fraudulent activity on your bank account. Your financial records are the backbone of every investment you have made financially and provide truthful insight on all of your accounts.
Myth: Mobile/online banking is a huge risk
Banks have implemented strict security measures around mobile and online banking to protect their clients from identity theft and to ensure that the best security measures are being taken.
When looking at your bank accounts on your phone you are required to go through a personal authentication process to ensure the highest security measures are being taken. Most mobile or online banking services do not store your financial information straight on your phone, but instead access it from a protected data center. Banks are fully equipped to fight off and protect you from identity thieves.